Standard Chartered Bank (Mauritius) has subscribed for around 3% stake in the United Stock Exchange

Standard Chartered Bank (Mauritius) Ltd has joined the shareholder base of United Stock Exchange of India Ltd (USE) by subscribing for approximately 3% stake in the exchange, in the process becoming the first foreign bank to invest in USE.

The USE currently operates in the currency derivatives space and offers currency futures in all the four currency pairs permitted by SEBI and is one of the only two stock exchanges in India to offer currency options on USD-INR currency pair.

The USE is India's newest stock exchange for currency derivatives. The exchange offers a better platform to corporates and SMEs for managing forex risk as spread rates in an exchange are better and it does not involve any counter party risk.

The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. The tenor of the scheme is 91 days.

The new issue closes on 22nd March. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.

The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme. The tenor of the scheme is one month.

The new issue closes on 23rd March. The minimum investment amount is Rs10,000.